L.A. real estate news and insights.
The net value of property in Los Angeles County jumped 5.91% from last year to nearly $2 trillion, according to the county assessor's office.
It's the 13th consecutive year that the overall value of all taxable properties included in the more than 4,000-square-mile county has gone up, according to the Los Angeles County Assessor's 2023 Annual Report. The assessor's office estimates that it will collect $20 billion in property taxes to fund public services such as schools and medical care.
Pending home sales fell this fall to the lowest level since 2001. Pending deals dropped 8.5% year-to-year as the National Association of Realtors index fell to 71.4, the lowest mark reported since the trade group began tracking the metric in 2001.
My Take: There will be huge pent up demand in 2024.
Source: National Association of Realtors and The Real Deal
Fannie Mae has lowered their required down payment for owner-occupied, multi-family (2-4 unit) properties from 15% - 25% to 5%. This means you can buy a property with 5% down, live in one unit, and rent out the other 1-3 units.
The new policy took effect on November 18, 2023 and applies to several Fannie Mae mortgage types including conventional and renovation loans.
If you’ve wanted to buy a home but haven’t been able to figure out how to save enough for a down payment and meet your monthly mortgage payment requirements, your time has come.
Source: Crosscountry Mortgage
LA County home median sale price jumps $30,000 from July to August.
Here is the cheapest home for sale this week in Burbank.
Text me for a private tour at 818-445-7953.
This home has 1 bed/1 bath, 600 sq. ft. of living space, and the lot is just under 2,700 sq ft.
Asking price: $699,000
Here is another sign that there are not enough homes for sale on the market.
If we had more housing inventory, we would not have this issue. I am still seeing strong buyer demand out in the field.
The original 2023 forecasts (released in late 2022) for all of these organizations called for home prices to fall.
Looks like they have all changed their tune.
